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(TDS - Tax Deducted at Source / TCS-Tax Collected at Source) How we help to process TDS TCS return for you ?

Step 1:

Information is collected in the prescribed Format

Step 2:

Return is prepared by our experts and filled with the Income Tax Department

How does Import Export code work for you?

It is mandatory for all businesses engaging in Import and Export to apply for an Import-Export code

About TDS & TCS Return

What It Is?

What is TDS & TCS?

What is TDS & TCS Return?TDS stands for Tax Deducted at Source. In other words, tax is deducted at the time of payment on the prescribed payments by the Income-tax act. Tax is deducted by the payer and is deposited to the Income Tax Department.

TDS return is supoose to be deposited by the deductor (payer) with the Income tax Department detailing the parties from the tax has been deducted so that due credit can be given to those whose tax has been deducted.

Return is to be prepared and filled with the department as per the chart below :

Applicability Chart stating the deductors, deductees nature of payments

TCS refers to the Tax Collected at the source. In other words, tax is collected at the source at the time of receipt of payment by the payee from the payer on the receipts prescribed. Tax is collected and deposited by the payee to the IT Department.

TCS return is supoose to be deposited by the deductor (payee) with the Income-tax Department detailing the parties from the tax has been deducted so that due credit can be given to those whose tax has been deducted. Return is to be prepared and filled with the department as per the chart below :

Applicability Chart stating the deductors, deductees nature of payments.

Why?

Why one should file the TDS & TCS returns ?

Income tax Act has casted an obligation on deductors to deposit the tax and file the details of the tax deducted with the department in the form of TDS & TCS returns. The due dates had been prescribed in the Income Tax Act. Following chart shows the dua dates for the TDS and TCS returns:

In case any deductors fail to file or delays in filling the returns then the deductors are suppose to pay the penalty, interest and are also subject to prosecution in case of serious violations.

How We Are?

How do we help in Filing TDS Return?

We advises on the rates of taxation and the prescribed payments on which the tax is to be deducted. Moreover, we also help in filling the returns and also comply with the other regulations governing this law.

We need the following information in the formats provided by us to process your returns:

Documents required to file TDS Return online

The following documents have to be submitted for filing the TDS returns.

TAN details
PAN details
Last TDS filing details, if applicable
The period for which TDS has to be filed
Date of incorporation of the business
No. of transactions for filing TDS returns
Name of the entity - Proprietorship/ Partnership/ Company/ LLP

Once the information is received then we will review the data and process your returns. The reminders also sent by us to file the returns on the time. As the rates or the law changes every time, we also update you on the changes being brought up. In case we are working on your accounting or accounting control services then these aspects are taken care of by us only.

FAQs

1. Can TDS & TCS returns returns be revised?

Yes these rerurns can be revised for any errors or ommissions.

2. Is PAN mandatory for deductors and employees?

Yes. It is mandatory for deductors and employees to submit their PAN as well.

3. How do I deposit TDS & TCS in the central government?

It can be deposited through the net banking services from your bank Account. We can assist or train u for this.

4. What are the duties of the person deducting tax at source?

Following are the basic duties of any individual who is liable to deduct tax at source.

He shall obtain Tax Deduction Account Number and quote the same in all the documents pertaining to TDS.
He shall deduct the tax at source at the applicable rate.
He shall pay the tax deducted by him at the source to the credit of the Government (by the due date specified in this regard*).
He shall file the periodic TDS statements, i.e., TDS return (by the due date specified in this regard*).
He shall issue the TDS certificate to the payee in respect of tax deducted by him (by the due date specified in this regard*).

5. What is TAN? Is it required to file TDS return?

TAN is a Tax deduction Account number alloted by the Income Tax Department. Through this number only all the taxes and returns are deposited with the Income Tax Department.

6. What is TDS justification report?

It is a document which serves as an annexure to the intimation to be sent to the deductor. Intimation will be sent to the deductor through mail/post but a justification report will have to be downloaded from the portal.

7. Refund of extra TDS & TCS?

Yes u can get the refund of the TDS & TCS extra deposited by You. Alternatively, You can carry for ward the same and set off with the tax liability of next return.